固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new PINGIN 5 10/08/35 and the new CKHH 4.25 09/26/30tightened 2bps. In China IG space, 3-5yrs bonds were unchanged, while5yrs+ bonds were 2-3bps tighter. Korea Corps HYUELEs/HYNMTRs were1-2bps tighter. We saw better buying on higher-grade CNH LGFV papers. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MEITUA:Tightened regulation should moderately supportive for Meituan’sprofitability. MEITUAs were unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk CTFSHK:CTF Services to issue HKD2.2bn CTFSHK 0.75 10/03/28 forgeneral corporate purposes; bondsexchangeable into Shoucheng's shares,listed on Vienna Stock Exchange. CTFSHK 28-29 were unchanged thismorning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterdaywas another slow day as a result of typhoon Ragasa. The newPINGIN 5 10/08/35 was 2-3bps tighter from RO at T+89. The new CKHH 4.2509/26/30sclosed 1bp tighter from RO at T+62.5. The new KOCRGF 28 was2-3bps tighter from RO at SOFR+65. Chinese TMTs MEITUA/BABA were 1-6bps wider. See comments on MEITUA below. MTRC 5 5/8 and 4 7/8 Perpwere unchanged to 0.1pt higher. HYSAN Perps and HYSAN 27-35swere0.1-0.2pt lower. The NWDEVL complex were 0.1pt lower to 0.3pt higher. InMacau gaming, MGMCHI 27-31s/MPEL 26-32s/STCITY 28-29s/WYNMAC27-34s were unchanged to 0.1pt lower. SANLTD 27-31s were 0.1pt lower to0.1pt higher. In Chinese properties, VNKRLE 27-29s fell another 1-1.3pts.FUTLAN 28/FTLNHD 26/LNGFOR 27-32s were unchanged to 0.6pt lower.See our comment on Seazen on23 Sep’25.GRNLGR 28 was 0.8pt higher.In Southeast Asia, VEDLN 28-33s were down 0.1-0.2pt. See our commenton Vedanta Ltdyesterday. VLLPM 9 3/807/29/29 and MDLNIJ 6 04/30/27were up 0.5pt. SMCGL Perps were unchanged to 0.3pt higher. We saw betterselling from Asia on Yankee AT1s and selected Asian high-beta perpsagainst moderately better-buying from retails. In LGFV space, RMs continuedto buyIG and onshore-AAA guaranteed bonds. On the other hand, there werebetter-selling for higher-yielding names, though PBs and tactical buyersslightly picked up buying as prices consolidated. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.28%), Dow (-0.37%) and Nasdaq (-0.33%) were lower on Wednesday. US Aug’25 new homesales was 800k, higher than the market expectation of 650k. UST yield was higher on Wednesday. 2/5/10/30yield was at 3.57%/3.70%/4.16%/4.76%. Desk Analyst Comments分析员市场观点 MEITUA:Tightened regulation should moderately supportive for Meituan’s profitability Media reported China will tighten oversight of food delivery to rein in cutthroat, subsidy-driven competitionamong Meituan, JD.com, and Alibaba’s Ele.me, with the State Administration for Market Regulation solicitingfeedback on draft guidelines to curb coercive promotions, standardize platform fees, and enhance laborsafeguards for riders. We view a policy-driven de-escalation of subsidy wars to be moderately positive for Meituan’s near-termprofitability. Since Jul’25, order volumes surged on the back of aggressive and unsustainable subsidies, whichcompressed average ticket sizes, strained merchant operations, and accelerated cash burn at platforms despitevolumes rose.While the new rules should ease promotional expense that will provide support to Meituan’snear-term operating margin and operating cash flow, stricter fee transparency, limits on new charges, andstronger rider protections should add to Meituan’s operating costs. In our view, given market leadership andboarder delivery coverage, Meituan should benefit more than later entrants from a return to rational competition.Continued regulatory briefings and platform pledges to regulate promotions support a base case of orderlycompetition rather than a reversion to irrational price wars. We continue to view the credit story of Meituan remains solid with net cash position of RMB120.0bn, despitethe sharply weaker 2Q25 operating performance.While near-term spread volatility may persist as subsidyroll-offs normalize demand and revenue, which should offer better entry opportunities. We maintain Buy onMEITUA 3.05 10/28/30 and MEITUA 0 04/27/28 (CB). Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regardingonshore primary issuances, therewere 175 credit bonds issued yesterday with an amount ofRMB147bn. As for month-to-date, 1,993 credit bonds were issued with a total amount of RMB1,793bnraised, representing a 41% yoy increase Macau casinos to resume operations today after 33-hour shutdown due to typhoon [AVIILC]Moody's affirmed AVIC Leasing's Baa1 ratings; outlook negative [BABA]Alibaba to launch its first data centers in Brazil, France, and the Netherlands, advancing itsglobal artificial intelligence strategy [COGREN]Continuum Energy to acquire remaining 26% stake in Continuum Green Energy Holdings [CTFSHK]CTF